EMI revamps labels, streamlines structure

LONDON, Feb 7 (Reuters) - EMI, one of the world's top music companies, pushed on with yet more restructuring on Thursday when it rejigged its labels under
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LONDON, Feb 7 (Reuters) -

EMI, one of the world's topmusic companies, pushed on with yet more restructuring on Thursdaywhen it rejigged its labels under two global brands -- Virgin andCapitol -- and streamlined its international management.

British-based EMI Group, whose stars include Lenny Kravitz andJanet Jackson, said it was scrapping the "EMI" name as a label andcombining back-office operations of all its imprints as part ofplans to cut costs and improve creativity.

The moves come two days after EMI issued its second profitwarning in six months and a week after dropping pop singer MariahCarey from its roster in an effort to save money.

Music groups have been under pressure to slash costs andrestructure after one of the industry's worst years on record whena a dearth of major hits, rampant piracy and an economic downturnhammered album sales.

In its latest restructuring, EMI said the EMI brand would nowonly be used at a corporate level. The group said it was alsoscrapping duplication in its management, leaving just one managingdirector for each country, where in many cases there had been twoas a result of buying Virgin Records.

"This change in structure clarifies the roles of our creativerecord labels and focuses them on the key activities that will makea difference in signing, developing and marketing great talent,"EMI's new head of recorded music Alain Levy said in astatement.

Levy has been trawling through the sprawling music group forpossible cost savings and restructuruing, and is due to deliver thefindings of a strategic review next month.

Reuters